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Explain the what is the mean for debits

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Reference no: EM132739301

Problem 1: Debits:

a. Increase both assets and liabilities

b. Decrease both assets and liabilities

c. Increase assets and decrease liabilities

d. Decrease assets and increase liabilities

Problem 2: Debit always means

a. right side of an account

b. decrease

c. increase

d. none of these

Problem 3: A journal entry must have the following parts, except

a. Date

b. Debit and credit accounts and amounts

c. Explanation

d. Signs of the monetary unit, or peso signs

Reference no: EM132739301

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